Stockton, California, became the largest city to file for bankruptcy in U.S. history on Thursday, after years of fiscal mismanagement and a housing market crash left it unable to pay its workers, pensioners and bondholders.
Stockton, California became the largest city to file for bankruptcy in U.S. history on Thursday, after decades of fiscal mismanagement and a housing-market crash left it unable to pay its workers, pensioners ...
DETROIT — Detroit has become the largest city in U.S. history to file for bankruptcy.
State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection.
If approved, the filing would allow Orr to liquidate city assets to satisfy a host of creditors and city pensioners lined up to recoup losses from bad bond investments and unpaid contracts.
As part of a growing trend, Compton California is on the verge of bankruptcy. When it files (and it will eventually), it will become California's 4th city to do so.
The Huffington Post reports Compton Will Run Out Of Funds By September 1
Compton, Calif. could be the fourth city in the Golden State to seek bankruptcy protection.
In an inevitable, anticlimactic decision today, Detroit files for bankruptcy.
Detroit became the largest US city to ever file for bankruptcy on Thursday, seeking protection from its creditors as it restructures more than $18bn in debt.
Richard Snyder, Michigan’s Republican governor, said in a letter included in the filing.